Adding solar panels and switching rate plans can lower your CORE Electric Cooperative (formerly IREA) electric bill
Updated: October 21, 2020There are three ways you can reduce your CORE bill: changing your habits, switching your rate plan, and adding solar panels.
You've probably heard a lot about reducing energy consumption by doing things like switching to LED lightbulbs and adding insulation to your walls, but these fixes are relatively easy compared to the far more impactful step of making changes to your lifestyle.
The second thing you can do is switch your rate plan. CORE offers time-of-use billing that can help you save money by shifting your usage of energy-intensive appliances to off-peak hours, and there may be other options for you as well.
Finally, you can reduce or even eliminate your electricity bill by installing solar panels on your home.
On this page:
Solar panel cost calculator
How much can I reduce my CORE Electric Cooperative (formerly IREA) bill by switching to a different rate plan
For some people, the savings from switching rate plans may only be a few dollars per month, but for many it can be $20-$100 per month. That's between $240 and $1,200 that you may now be paying to CORE Electric Cooperative (formerly IREA) each year for no reason.
Finding out what's available to you is as simple as a phone call or email to CORE Electric Cooperative (formerly IREA). Even a small savings can be worth it.
Are solar panels worth it for CORE Electric Cooperative (formerly IREA) customers?
Yes! With a hefty $1,000 per kilowatt solar rebate and available sales and property tax exemptions, solar panels make a lot of sense for Intermountain Rural Electric Association customers in Colorado. IREA net metering policy also ensures you get credited on your power bill at full retail rates for the excess solar electricity your panels produce. Your credits are rolled over and applied to your next month’s bill.
Does CORE Electric Cooperative (formerly IREA) offer full 1 for 1 net metering credits for exported solar power
Yes, CORE Electric Cooperative (formerly IREA) offers 1 for 1 net metering. This means you are paid the same rate for excess solar energy that you export to the utility grid during the middle of the day as what you pay for power purchased from the grid.
In the case of CORE Electric Cooperative (formerly IREA), Time of Use (TOU) pricing applies. You will earn an average of $0.3 for power exported at peak rate times, and an average of $0.08 for power exported at off-peak times.
What incentives, tax credits and rebates are available to CORE customers for installing solar?
The major financial incentive currently available until the end of 2023 is the 30% federal solar tax credit. The way this works is that the full cost of the system needs to be paid to the installer, and this tax credit can then be claimed back as cash when you next do your taxes.
Many states, local governments and utilities also offer incentives for homeowners who go solar. This help can take the form of state tax credits, rebates, tax breaks, SRECs or even performance-based incentives. The best part is that all of these incentives apply in addition to the federal credit.
Here is every incentive you may be eligible for as a CORE customer:
Table 1: Incentives
| Upfront Incentives | Value* |
|---|---|
| Residential Clean Energy Tax Credit (Federal) | -$5,709 |
|
Sales and Use Tax Exemption for Renewable Energy Equipment
(State)
Solar energy equipment fully exempt from state sales tax. |
Varies |
|
RENU Loan Program
(State)
State funded loan program with loans available from $500 to $50,000 to help finance solar projects. |
Varies |
|
Property Tax Exemption for Residential Renewable Energy Equipment
(State)
Excludes assessed costs of a solar system from a homeowner's property taxes. |
Varies |
|
Net Metering
(State)
Investor-owned utilities must offer customers kWh credits on their utility bill. |
Varies |
| TOTAL | -$5,709 |
*Based on 8.13 kW system, average installation cost $19,029
How much does installing solar panels save the average CORE Electric Cooperative (formerly IREA) residential customer?
If you input the details for a CORE customer with a power bill of $160 per month into the best online solar panels calculator, it tells you that you need a 8.13 kW solar system that will produce 12,688 kWh per year and that this system will return the owner a $37,693 profit after repaying the cost of the system.
The solar savings possible for you as a CORE customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typical CORE customer with a $160 per month electric bill prior to solar and who installs a 8.13 kW solar system.
How much do residential solar panels cost for CORE customers?
Showing data for:
Prices based on a 9.6kW system, after 30% federal tax credit
Solar prices near you
Net profit (savings less system cost)
$37,770-$46,163
Payback period
9-11 years
Recommended size for the selected utility bill
9.6kW
Solar panel cost calculator
Detailed information about your estimate
Table 2: Estimate details
|
System Size (for 100% usage offset) 8.13 kW |
|
Annual Power Generation 12,688 kWh |
|
Pay-back time (assuming Cash purchase) 8.8 Years |
|
Internal Rate of Return (IRR) on Investment 7.4% |
|
Gross cost $19,029 |
|
Total Upfront Incentives and Rebates -$4,947 |
|
Net Cost of System after rebates and incentives $14,079 |
|
Total Cost of Utility Power Avoided over 25 years $51,772 |
Please note that the investment return figures do not include the possible increase in property value.
What are the environmental impacts of CORE Electric Cooperative (formerly IREA) customers installing solar panels?
While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from a CORE Electric Cooperative (formerly IREA) customer installing a 8.13 kW solar system on their property:
A solar system generating 12,688 kWh per year will save you money AND make the world a nicer place
Saves you
$1,508
on average per year
Reduces CO2 emissions
6.28
tons per year
Equivalent to planting
44 trees
per year
Equivalent to driving
13,894 mi
less per year
CO2 emissions calculation based on the electricity generation and emissions data for your state in 2015 as published by the US Government Energy Information Administration.
What factors affect the price of solar panels for CORE Electric Cooperative (formerly IREA) customers?
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around $2.34 per watt or $14,079 for a standard 8.13 kW solar system after the customer claims the 30% federal solar tax credit.